USA 2008: The Great Depression
Posted by alifinmath on April 4, 2008
This is the title of a piece in the (UK) Independent. I consider it an exaggeration as we’re not yet in that territory. But then again, as things started to unravel in 1929, no-one anticipated a decade of misery. Anyway, an excerpt from the Independent article:
Dismal projections by the Congressional Budget Office in Washington suggest that in the fiscal year starting in October, 28 million people in the US will be using government food stamps to buy essential groceries, the highest level since the food assistance programme was introduced in the 1960s.
“Last St Patrick’s Day, we were selling Irish soda bread for $1.99. This year it was $2.99. Prices are just spiralling up, because of the cost of gas trucking the food into the city and because of commodity prices. People complain, but I tell them it’s not my fault everything is more expensive.”
